THE LONDON REPORT September 15, 2009 The FTSE 100 rose for a third straight session yesterday to close up by 0.5 per cent, boosted by bullish economic data from the US, as oils, miners and banks underpinned the rally. The index ended 23.28 points higher at 5,042.13, after trading as low as 4,996.52 earlier in the session. Energy stocks were higher, [...]
NEW YORK REPORT September 15, 2009 STOCKS rose yesterday to 2009 highs after stronger manufacturing and retail sales data boosted commodity prices and shares of materials companies.Yesterday’s gains lifted the S&P 500 above 1,050 for the first time since early October. The improvement in retail sales in August reassured investors about a rebound in US economic demand. A rise in the [...]
POLL: UK FACING INSURER EXODUS September 15, 2009 OVER 60 per cent of top executives at Britain’s insurance firms are feeling tempted to leave the UK because of high taxes, a poll reveals today. The survey of 75 chief executives and finance directors also showed growing pessimism about the competitiveness of the City, with 80 per cent predicting the number of insurers based [...]
Bernanke: recession over at last September 15, 2009 FEDERAL Reserve chairman Ben Bernanke last night said that the worst US recession since the Great Depression was probably over – but he warned that the recovery would be slow and painful. In declaring the recession over, Bernanke went slightly beyond the Fed’s most recent assessment that the economy was levelling off and that indications [...]
Banks to face bonus curbs September 15, 2009 BANKS with low levels of capital should face a limit on bonus payouts, according to an international body of regulators and central bankers. The Financial Stability Board (FSB) yesterday agreed to submit the proposal to G20 leaders next week, ahead of their summit in Pittsburgh. “We will have a link between a bank’s total bonus [...]
We must learn from Canada and Sweden September 15, 2009 THEY took their time but all British political parties have now bowed to the inevitable: spending cuts. With the budget deficit hitting at least 12 per cent of GDP, and the national debt about to spiral out of control, even Gordon Brown was forced yesterday to admit that his government would have to “cut costs, [...]
Watchdog hits ITV hopes September 15, 2009 ITV was yesterday dealt a blow by the Competition Commission, after it said it would retain tight rules on advertising slot prices, ignoring the broadcaster’s pleas to scrap a complex regime on how much it charges advertisers. The ruling is a setback for ITV, which was formed by the merger of Granada and ITV in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 15, 2009 FINANCIAL TIMES STANFORD CASE PROMPTS LEGAL CROSS-BORDER CONUNDRUMSThe case against Sir Allen Stanford, the financier accused of operating a $7bn Ponzi scheme, has provoked thorny questions of cross-border jurisdiction and international co-operation. In the latest twist to a complex case, the Montreal Superior Court has decided to bestow control of the Stanford company’s Canadian assets [...]
Adobe snaps up rival for 1.1bn September 15, 2009 Adobe Systems plans to pay $1.8bn (£1.1bn) for fast-growing business software maker Omniture as the maker of Photoshop and Acrobat looks to turn around declining sales. Adobe, which announced the deal as it reported lower quarterly sales and profit, has been struggling over the past year as the recession hurt technology spending and customers declined [...]
Bailout cash repayment unlikely September 15, 2009 A report from The International Monetary Fund (IMF) yesterday cast doubts over hopes that the Treasury could recover money it spent on bailing out the banks. The UK’s bank guarantees are equivalent to over a third of GDP, more than any other country the IMF said. The IMFadded that the government should plan the disposal [...]
